Centro Condominium by the Newgard Development Group has the finalized approval from Fannie Mae for financing of apartments from now until February 2018, making Centro the 13th approved condominium building of the 9,000 to be approved for The Federal Housing Administration (FHA) loans. There are less than 30 units remaining for purchase while new residents are beginning the move-in process.
FHA loan approval for condos has been difficult in the Miami market. With the new financing Fannie Mae is providing, the option for low-down payment mortgage may assist with the urgency to build affordable housing in Miami. The remaining units are priced between $300,000-$500,000 with sizes ranging from 654 to 1,131 square feet. Primary Residences can be financed for up to 95 percent if they are qualified; second-home owners up to 90 percent; investment properties at 85 percent; and 75 percent for Foreign Nationals. All with record-low interest rates starting at 3.45 percent for up to 30 years.
“With the affordability challenges in Miami, specifically within the downtown/Brickell urban core, Centro becomes one of the area’s greatest values,” said Harvey Hernandez, the project’s developer, and chairman and managing partner of Newgard Development Group. “Securing Final Fannie Mae approval means that a buyer’s principal and interest on a unit at Centro can be extremely affordable and beyond-comparable to renting.”
The building
Acclaimed and award-winning designer and founder of Fuseproject, Yves Béhar has included luxury in modern and efficient designs throughout the condominium. The Centro project has given a breath of fresh air to Downtown Miami creating a high foot-traffic neighborhood. Centro is located 151 SE 1st Street near the new shops, restaurants, and the newly-opened Langford Hotel, which guarantees the neighborhood will evolve and expand quickly.
The loft-style residences include one and two bedroom units with open floor plans, 10-foot ceilings, floor-to-ceiling windows, balconies for a perfect view of the city day and night, finished concrete floors, modernized Italian kitchens and bathrooms which both feature stainless-steel and energy-efficient appliances.
Building amenities include: 24-hour receptionist, rooftop pool; fully equipped gym and spa facilities; along with two resident lounges that furnish theatre seating, work spaces, and a ping-pong table. The condominium does not include on-sight parking for residences. However, parking spaces can be rented from a nearby garage (one block away), with the fees being waived by the developer.